Approximately $15 billion in Bitcoin and Ethereum options are set to expire on Deribit this Friday, with Bitcoin options accounting for $11.66 billion of the total. The Bitcoin options have a put/call ratio of 0.88, with significant open interest in put options between $110,000 and $115,000, while call options are spread across higher price points. Ethereum options, valued at $3.08 billion, have a put/call ratio of 0.74, with a more balanced distribution of positions and notable open interest in higher-strike call options. Deribit notes that the expiration of these options suggests a continued demand for downside protection in Bitcoin, while Ethereum's positioning appears more neutral. This expiration, alongside signals from Powell at the Jackson Hole meeting, may influence market trends in September.